Uzbekistan Interest Rate

The Central Bank of Uzbekistan kept its key interest rate steady at 14% during its April 2025 meeting, maintaining a relatively tight monetary stance amid persistent demand growth and elevated price pressures. Headline inflation accelerated to 10.3% in March, while core inflation reached 8.1%, reflecting both demand and supply-side pressures. Despite improved energy supplies and a stable exchange rate, inflation expectations remain elevated but have eased slightly. Policymakers said the current monetary stance is necessary to return inflation to a sustainable downward trend and achieve the 5% medium-term target. Inflation is projected to hover near the upper bound of the 7–8% target range by year-end. Meanwhile, economic growth picked up to 6.8% in Q1, driven by robust consumption, investment, and remittances. The Bank signaled it would continue monitoring the secondary effects of energy price liberalization and stands ready to adjust monetary conditions if inflation risks intensify.